Marathon Digital Shatters Records, Mines 1,853 Bitcoins in Historic December
Marathon Digital Holdings (Marathon Digital), a prominent Bitcoin miner, has achieved an extraordinary milestone by shattering its own production records.
In December 2023, the Florida-based company mined an astonishing 1,853 Bitcoin, marking a 56% surge from the preceding month and an remarkable 290% jump compared to December 2022. This feat, as announced in a January 4 press release, represents a record-breaking monthly production for any public Bitcoin mining entity.
Marathon’Digital’s chairman and CEO, Fried Thiel, attributes this achievement to an 18.4% monthly increase in hash rate, reaching an impressive 22.4 exahashes per second.
Thiel stated, “We believe this to be the highest monthly total ever recorded by a public Bitcoin mining company,” surpassing earlier claims made by Core Scientific of mining the most Bitcoin in January 2023 with 1,527 BTC.
He added that the company’s goals, targeting a 30% growth in energized hash rate for 2024 and aiming to reach an impressive 50 exahashes within the next 18 to 24 months, leveraging the recent acquisition.
In addition to that, the company has outlined plans to establish a block reward mining facility in Abu Dhabi, valued at an impressive $400 million.
Teaming up with FS Innovation, the company disclosed its collaboration through a filing with the U.S. Securities and Exchange Commission (SEC), resulting in the formation of Abu Dhabi Global Markets. This strategic partnership aims to spearhead mining operations dedicated to Bitcoin within the UAE.
The joint entity is slated to launch and manage two mining sites in Abu Dhabi, boasting a collective capacity of 250 MW, with FS Innovation holding an 80% stake in the project. While FS will assume the role of the majority shareholder, appointing four directors to the board, Marathon will nominate one.
The ambitious initiative is estimated to require a joint investment of $406 million for the development of these mining facilities. Notably, the Bitcoin mined from these sites will be evenly distributed between the two companies, with scheduled distributions occurring twice a month.
It is worth noting that Marathon Digital emerged as the most-traded public company in the U.S. stock market on December 28, witnessing a staggering $3.3 billion daily trading volume. This dominance momentarily surpassed established market giants like Tesla, Apple, and Amazon, signifying the burgeoning significance of Bitcoin mining entities in the financial landscape.
The surge in mining activities coincides with a broader industry trend among Bitcoin mining firms, intensifying their operations ahead of anticipated milestones, including the potential approval of a spot Bitcoin exchange-traded fund as early as January 8 and the impending Bitcoin halving scheduled for April.
Competitor Riot Platforms also made substantial strides, acquiring $291 million worth of Bitcoin mining rigs on December 5, marking their largest increase in hash rate to date, according to Cointelegraph.
Marathon’s exceptional performance in December underscores the escalating momentum within the Bitcoin mining sector, as companies race to bolster their capacities in anticipation of pivotal developments within the crypto landscape.
